PUBG owner Pony Ma Defeats Alibaba 's Jack Ma To Become the Richest Person in China; Find His Wealth out!
New Richest Man in China
For the first time in intraday trade, Tencent Holdings Ltd had its share prices risen above KH$500 (INR 4870.99) on Wednesday.
The gaming giant just this week bagged a $40 billion rise, reshuffling its co-founder, Pony Ma, as China's richest man.
Tencent's Pony Ma now ranks 1st with a valuation of $50 billion, dropping the $48 billion fortune of Alibaba's Jack Ma to second place.
China had put a hold on the approval process for new games in 2018. That hampered Tencent 's success to a large extent. By then, however, inventories have almost doubled.
The tech giant posted a 26 per cent rise in sales in the first quarter just last month.
Covid-19 Shall Prove Beneficial for Tech Cos
It is not only Pony Ma who has scaled the lists of China 's richest individual.
Colin Huang of Pinduoduo (PDD), a shopping app also performed extremely well and kicked out China Evergrande Group's real estate tycoon Hui Ka Yan and retained his place as China's third richest man.
Digitization has intensified, leading to the coronavirus pandemic. It has improved customer behavior, preferences, and eventually increased many internet companies' shares.
In fact, in China's top 5 richest people list, tech tycoons secure 4 spots.
More about Pony Ma
An analyst from Bloomberg Intelligence believes that Tencent’s online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed.
This works out perfectly for the 48 year old Pony Ma. He owns a stake of 7% in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year.
Tencent has jumped over the profits of its internet peers, especially the ones involved in e-commerce, games and online entertainment.
While Tencent’s shares have climbed 31% in 2020, PDD’s American depository receipts have more than doubled. However, Alibaba has surged by only 6.9%.